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• <br /> I <br /> Registrar means the fiscal agency of the State of Washington for the purposes of <br /> registering and authenticating the Bonds, maintaining the Bond Register, effecting transfer of <br /> ownership of the Bonds, and paying the principal of,premium, if any, and interest on the Bonds. <br /> Reserve Account means common Reserve Account maintained pursuant to Section 7(b) <br /> of this ordinance. <br /> Reserve Requirement means the dollar amount to be calculated with respect to all <br /> Covered Bonds and separately with respect to other Parity Bonds. <br /> (a) With respect to Covered Bonds, the Reserve Requirement shall be equal to the <br /> least of: <br /> (1) Maximum Annual Debt Service for Covered Bonds, <br /> (2) 10%of the initial principal amount of Covered Bonds of each series, and <br /> (3) 125% of average annual debt service for Covered Bonds; provided, <br /> however, that the dollar amount required to be contributed, if any, as a result of the issuance of a <br /> series of Future Parity Bonds shall not be greater than the Tax Maximum. If the dollar amount <br /> required to be contributed at the time of issuance of a series exceeds the Tax Maximum,then the <br /> amount required to be contributed shall be equal to the Tax Maximum. <br /> (b) With respect to other series of Parity Bonds, the Reserve Requirement shall be <br /> equal to the amount specified in the ordinance authorizing the issuance of that series of Parity <br /> Bonds. <br /> The Reserve Requirement shall be adjusted accordingly and remain in effect until the earlier of <br /> (i) at the City's option, a payment of principal of Parity Bonds or (ii)the issuance of a <br /> subsequent series of Future Parity Bonds (when the Reserve Requirement shall be re-calculated). <br /> -�� P.120287 CMW120287_BN9 10/11/16 <br />